世界标准时间 2023 年 10 月 19 日 08:53

作者：克里斯蒂安·阿加蒂https://s1.cdn.autoevolution.com/images/news/a-gloomy-elon-musk-made-tesla-q3-2023-earnings-call-look-even-bleaker-than-it-was-223018_1.jpeg

特斯拉第三季度的财务业绩未能达到华尔街的预期，尽管长期前景看起来很稳健。然而，埃隆·马斯克对利率上升、挑战赛博卡车生产以及地缘政治危险的清醒看法让情况看起来更糟。https://s1.cdn.autoevolution.com/images/news/gallery/a-gloomy-elon-musk-made-tesla-q3-2023-earnings-call-look-even-bleaker-than-it-was_1.jpg

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https://s1.cdn.autoevolution.com/images/news/gallery/a-gloomy-elon-musk-made-tesla-q3-2023-earnings-call-look-even-bleaker-than-it-was_5.jpg本月早些时候， 特斯拉公布了一些令人失望的交付数据，打破了令投资者兴奋不已的增长势头。公平地说，埃隆·马斯克在第二季度警告投资者，随着电动汽车制造商升级生产线，预计几家工厂的生产将暂停。大家都预计第三季度的财务业绩能够反映这一情况。尽管如此，没有人准备好面对悲观的埃隆·马斯克告诉投资者，情况比看起来更糟糕。

华尔街的说法是，埃隆“充满厄运和忧郁”，听起来“失败”和“清醒”。特斯拉粉丝认为他只是现实和诚实，尽管即使是顽固的奥马尔（@WholeMarsBlog）也承认埃隆·马斯克的做法与“炒作股票”完全相反。该股确实受到了打击，会议结束后跌至 230 美元，并在周三加速了本已大幅下跌（下跌 4.8% 至 243 美元）。
现在，回到令华尔街失望的财务业绩，特斯拉本季度远没有亏损。只是他们的收入并没有人们希望的那么多。特斯拉公布的营收为 235 亿美元，低于华尔街分析师预期的 24.3-244 亿美元。这相当于每股 0.66 美元（非 GAAP），而不是预计的每股 0.73 美元。请注意，这一数字仍同比增长近 9%。
尽管收入较低，特斯拉的现金流仍为正，本季度增加了 8 亿美元，这意味着该公司目前拥有 260 亿美元的资金。财报显示特斯拉在多次降价后利润率不断下降。该公司的 GAAP 毛利率为 17.9%，低于 2023 年第二季度的 18.2%，以及 2022 年第三季度的 25% 以上。运营利润率为 7.6%，更接近传统汽车制造商通常报告的水平。
特斯拉将低于预期的业绩归咎于“Cybertruck、人工智能和其他研发项目推动的运营费用增加”以及“与工厂升级相关的生产爬坡成本和闲置成本”。尽管如此，该公司的前景仍然坚定。正如之前宣布的那样，特斯拉本季度将每辆车的成本降低至约 37,500 美元，并预计交付量将同比增长50% 至 180 万辆。
演讲中最亮点的是服务及其他业务板块，该板块已成为“利润增长的核心驱动力”。随着特斯拉车队每年增加数百万辆汽车，特斯拉超级充电站、保险以及车身修理厂和零部件销售等高利润业务也将不断增长。特斯拉正致力于扩大超级充电能力并进一步改善容量管理，以期其他汽车制造商加入我们的网络。

2023 年第三季度财报电话会议https://t.co/eSwixzYTJD

— 特斯拉 (@Tesla) 2023 年 10 月 18 日

下载：特斯拉 2023 年第三季度股东资料 (PDF)

特斯拉 2023 年第三季度 财报电话会议 第三季度业绩 埃隆·马斯克

原文

A Gloomy Elon Musk Made Tesla's Q3 2023 Earnings Call Look Even Bleaker Than It Was

Published: 19 Oct 2023, 08:53 UTC • By:

Cristian Agatie

Tesla's financial results in the third quarter failed Wall Street expectations, although the long-term perspective looks solid. Nevertheless, Elon Musk made it look much worse with a sober perspective about rising interest rates, challenging Cybertruck production, and geopolitical dangers.

Tesla presented some disappointing delivery numbers earlier this month, breaking a growth streak that kept investors pumped. To be fair, Elon Musk warned investors during the second quarter that production pauses were expected at several factories as the EV maker upgraded the production lines. Everyone expected the financial results in the third quarter to reflect this situation. Still, nobody was prepared for a gloomy Elon Musk telling investors that the situation was worse than it looks.
Word on the Street is that Elon was "all doom and gloom," sounded "defeated" and "sober." Tesla fans considered he was simply realistic and honest, although even die-hard Omar (@WholeMarsBlog) admitted that what Elon Musk did was exactly the opposite of "pumping the stock." And the stock indeed took a hit, dropping as low as $230 after the conference and accelerating an already steep decline on Wednesday (down 4.8% to $243).
Now, back to the financial results that disappointed Wall Street, Tesla was far from losing money in the quarter. It's just that they didn't earn as much as people hoped for. Tesla reported revenue of $23.5 billion, down from the $24.3-$24.4 billion Wall Street analysts expected. That equals $0.66 per share (non-GAAP) instead of $0.73 per share estimated. Mind you, this is still up nearly 9% year-over-year.
Even with lower revenue, Tesla was cash flow positive, with $0.8 billion added in the quarter, which means the company now sits on a $26 billion coffer. The results showcased Tesla's thinning profit margins after repeated price cuts. The company's GAAP gross margin was 17.9%, down from 18.2% in Q2 2023 and over 25% in Q3 2022. Operating margin was 7.6%, which is closer to what traditional carmakers usually report.
Tesla blamed the lower-than-expected results on an "increase in operating expenses driven by Cybertruck, AI and other R&D projects" and the "cost of production ramp and idle cost related to factory upgrades." Despite that, the company's perspectives are still solid. Tesla reduced the cost per vehicle to about $37,500 in the quarter and expects to grow deliveries by 50% year-over-year to 1.8 million units, as previously announced.
The brightest spots in the presentation were the Services and Other business section, which has become "the core driver of profit growth." Tesla Supercharger, insurance, as well as body shop and parts sales, are high-margin operations set to grow as the Tesla fleet grows by millions of cars every year. Tesla is focusing on expanding Supercharging capacity and further improving capacity management in anticipation of other carmakers joining our network. 

Q3 2023 Earnings Call https://t.co/eSwixzYTJD

— Tesla (@Tesla) October 18, 2023

Download: Tesla Q3 2023 Shareholder deck (PDF)

TESLA Q3 2023 EARNINGS CALL THIRD QUARTER RESULTS ELON MUSK